FHA Loan Calculator
Calculate FHA loan payments including upfront MIP and annual mortgage insurance premium.
Calculate FHA loan payments including upfront MIP and annual mortgage insurance premium.
FHA requires minimum 3.5% down
Varies by loan term, LTV, and loan size
FHA loans require two types of Mortgage Insurance Premium (MIP): an upfront MIP of 1.75% of the base loan amount, and an annual MIP charged monthly. Annual MIP rates range from 0.50% to 0.85% depending on loan term, LTV, and loan size. Unlike conventional PMI, FHA MIP stays for the life of the loan if down payment is under 10%.
Upfront MIP = Loan × 1.75% | Monthly MIP = (Loan × Annual MIP%) / 12 | Total Loan = Base Loan + Upfront MIPA $300,000 home with 3.5% down ($10,500) requires $289,500 base loan + $5,066 upfront MIP = $294,566 total loan. Monthly MIP at 0.85% adds ~$205/mo that persists for 30 years unless you refinance to conventional.
Putting exactly 10% down on an FHA loan means MIP cancels after 11 years, saving thousands over the life of the loan. If you can swing 10%, it's often worth the upfront savings vs. a lower down payment.
Upfront MIP is always 1.75% and is rolled into the loan balance. Annual MIP rates as of 2024 per HUD guidelines. MIP duration: < 10% down = life of loan; ≥ 10% down = 11 years.